This article addresses How to Become a Personal Financial Advisor.
Individuals and organizations sometimes face problems with regards to managing their finances, investments and event debts. But they can get help from a financial advisor to assist them in solving their issues so they can enjoy their peace of mind and the life they want moving forward.
The work of a financial adviser pertains to providing professional advice on the investment strategies best suited for an individual or organization as well as on managing stocks, bonds and mutual funds, settling debts, retirement and estate planning. This professional provides guidance and advice based on the situation of clients and the events that occur in their operations or lives.
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Financial advisors are among the best jobs in the U.S., according to Money magazine. The position provides a high salary averaging more than $120,000 annually.
To become one of these professionals, you must first develop your communication (both oral and written) and interpersonal skills as these will greatly help you in your future career. Being in constant contact with clients to help them solve their financial problems, you will have to build a good relationship with them and knowing how to listen and effectively communicate your messages is crucial. Your listening skills will also be put to the test because this is the only way to learn about the issues that people and organizations face.
Having strong math, problem-solving and analytical skills is a plus. You can focus on business, communications, marketing, computers and finance even in high school.
Getting the right college education is as important. Business degrees you can pursue are in accounting, statistics, marketing, finance and banking. You may also opt to pursue a master’s degree in business or MBA with focus on finance or accounting later on to advance your career.
Mastering the computer is a basic requirement as well. Knowledge of word processing and spreadsheet software will make it easy for you in creating reports and analyzing financial information.
After completing your college education, you can apply at companies that offer fees and commissions to entry level financial advisers. Your earnings may not be that much while you’re starting but as you gain experience and clients, you can expect to receive a higher income. Positions you can apply for include as a bank clerk, insurance agent and bookkeeper.
It is also vital for personal financial advisers to have a license from the Financial Industry Regulatory Authority (FINRA). Specifically, you will need to obtain Series 7 and Series 63 or 66 licenses to enable you to provide financial advice and become a representative of a securities company. With the license which you can get after three years of experience in the field, you then become a certified financial planner.
Job prospects for personal financial advisors are projected to grow by 30 percent while the growth for financial analysts is estimated at 20 percent through 2018. The U.S. Bureau of Labor Statistics reports that this position is seen to become one of the fastest growing moving forward with high salaries. The average annual income for this post in 2009 was more than $94,000.